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Meanwhile back on Wall Street: Starvation as a business strategy.
Meanwhile back on Wall Street, Goldman Sachs has been harvesting mighty profits from food shortages:
Goldman Sachs made more than a quarter of a billion pounds last year by speculating on food staples, reigniting the controversy over banks profiting from the global food crisis…
Goldman made about $400m (£251m) in 2012 from investing its clients’ money in a range of “soft commodities”, from wheat and maize to coffee and sugar, according to an analysis for The Independent by the World Development Movement (WDM).
This contributed to the 68 per cent jump in profits for 2012 Goldman announced last week, allowing it to push up the average pay and bonus package of its bankers to £250,000.
Goldman made about $400m (£251m) in 2012 from investing its clients’ money in a range of “soft commodities”, from wheat and maize to coffee and sugar, according to an analysis for The Independent by the World Development Movement (WDM).
This contributed to the 68 per cent jump in profits for 2012 Goldman announced last week, allowing it to push up the average pay and bonus package of its bankers to £250,000.
Now that is a fun redistribution of wealth. Drive the price of food up and pay the profits in bonuses to yourself. Starvation as a business strategy.
http://www.independent.co.uk/news/business/news/goldman-bankers-get-rich-betting-on-food-prices-as-millions-starve-8459207.html
http://news.firedoglake.com/2013/01/22/as-weather-forecasters-predict-continued-drought-goldman-cashes-in/
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